Bankruptcy Information
Experienced Chapter 7 and Chapter 13 Bankruptcy Lawyers
Chapter 7
Chapter 7 is a type of bankruptcy that is filed for by individual consumers. When a person decides to file for Chapter 7 Bankruptcy, he/she will want to have his/her debts discharged. This type of bankruptcy is ideal for those individuals who are unemployed and unable to make sufficient income. Read more on Chapter 7 Bankruptcy.
Liquidation & Exempt/Non-Exempt Property
People who file for consumer bankruptcy will have to go through the process of liquidation. Prior to liquidation, a person’s assets will be categorized as exempt property or non-exempt property. If property is classified as exempt, it will not be liquidated. However, any property that is non-exempt will be subject to liquidation. This means it will be sold for a profit which will then be turned over to a person’s creditors. Read more about liquidation, exempt and non-exempt property.
Chapter 7 Discharge
After people file for Chapter 7, it will take 4 to 6 months for their debts to be discharged. Simply stated, debts that are discharged are eliminated entirely. Once debts are discharged, the person’s credit accounts are closed and the person will no longer receive contact from creditors. Read more about Chapter 7 discharges.
Chapter 13
Chapter 13 is a type of bankruptcy that is filed for by individual consumers. People who file for Chapter 13 Bankruptcy will repay their debts to creditors over the span of 3 to 5 years instead of having their debts discharged. This type of bankruptcy is ideal for people who have fallen behind on their bills, but who are employed and making sufficient income. Read more about Chapter 13 Bankruptcy.
Prescott Bankruptcy Law Firm
The Prescott Bankruptcy Law Firm is ready to help those who wish to file for bankruptcy in Arizona. When clients choose to obtain the services of our upstanding law firm, they will be provided with reliable legal services from expert Prescott bankruptcy lawyers. Contact The Prescott Bankruptcy Law Firm to get out of debt today!
The Prescott Bankruptcy Law Firm helps people throughout Prescott, Arizona file for Chapter 7 and Chapter 13 Bankruptcy and also represents victims of creditor harassment.